A collection of news and insights about our firm and developments in the law, finance and insolvency industries
Summary Phoenix activity is the ‘rebirthing’ of an enterprise by stripping one company of its assets and transferring them into a new entity which is essentially the same business Phoenix activity is often, but not always, illegal Existing law is available to crack down on illegal phoenix activity, but enforcement is weak. The new phoenix […]
Sewell & Kettle are proud to support the efforts of Cure Cancer Australia. On Friday 5 October 2018 our firm held a charity fundraiser for Cure Cancer Australia at Sokyo restaurant at the Star. Which charity was supported? All monies raised by donations and the charity auction were donated directly to Cure Cancer Australia (https://www.curecancer.com.au/). […]
Summary Pursuant to section 459G of the Corporations Act 2001 (Cth) a company may apply to have a statutory demand set aside within 21 days of its service. The application must be supported by an affidavit filed with the Court and served on the other party. Under the Corporations Act 2001 (Cth) there are 4 […]
A deed and an agreement are two types of legal instruments that are sometimes used interchangeably. However, in fact, they are two very different species and their incorrect use may have adverse consequences on certain transactions. A deed is an instrument that must be “signed, sealed and delivered”, in writing and gives the strongest indication […]
Summary If a company is presumed to be insolvent under section 459C of the Corporations Act 2001 (Cth) (Act) a creditor can apply to the Federal or Supreme Court to wind up the company Applications are made under section 459P of the Act and the Court has the power to wind up a company in […]
Insolvency is the term that is used to describe the position of a company when it is unable to pay its debts as they become due and payable It is interpreted by the Courts using what is known as the “cash-flow test” If directors of a company suspect that their company is or may become […]
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